LSE faces Turquoise exchange threat
The London Stock Exchange faces the biggest challenge yet to its near-monopoly of share trading in Britain as its two leading rivals are set to join forces.
Plus Markets, previously known as Ofex, is poised to announce a takeover by Turquoise, a consortium of seven investment banks planning their own share-trading system.
Turquoise was founded last year to exploit European rules that open share-trading markets to more competition from November 1.
The consortium has spent the past year seeking a chief executive and a technology system to run its share trading market.
Plus Markets could be the solution. Its chief executive, Simon Brickles, is a former LSE executive and it has a working sharetrading system bought from the Nordic stock exchange OMX.
Shares in Plus were suspended last week at 28p pending an announcement.
They were tipped by Financial Mail's Midas column at the start of the year and have jumped 53% since.
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